February 29, 2020
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In Tray

This soft yet blunt-spoken bureaucrat is out to widen the tax net "The hole in revenue collection will certainly impact the fiscal deficit." S. Narayan Revenue secretary

In Tray
Tribhuvan Tiwari
In Tray
outlookindia.com
-0001-11-30T00:00:00+0553
We've had a very severe drop in revenue income, the petroproducts price adjustment was just an additional flow which has gone to bolster the fisc. Industrial slowdown is the main reason, leading to a fall in excise collection and also income. The worst shortfall is in customs. Out of the data for 1,500 companies that we track, not even 600 are doing better than last year. In fact, the personal income tax collection is almost the same as corporate collections. We also gave out a huge amount in refunds, the highest in recent years.

The hole in revenue collection will certainly impact the fiscal deficit. What are we doing to improve collections? One, we're looking at the balance sheet of 500 top companies which account for 90 per cent of the corporate tax collections. Two, we're trying to dispose of the pending appeals. Three, we're looking at large individual taxpayers who earn more than a lakh a month. They are 8-9 per cent of the total personal tax payers. Right now, only about 66,000 of them are returning tax and I'm sure we have many more of them. We've also asked every corporate to file a return, whether it's making a profit or not.

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